Vietnam’s imported scrap market remained subdued for yet another week. Most offers, including the ones from most prominent suppliers in Southeast Asia, declined significantly on a w-o-w basis. Following the global downtrend, buyers from the Vietnamese market too remained away from the imported scrap market.
Market participants believe that offers have not yet bottomed out. Hence, they may wait for further price correction.
On the other hand, Japanese scrap suppliers have lowered their offers significantly to $570/t CFR levels for bulk H2, down around $20/t w-o-w. Interestingly, offers have dropped over $60/t in just one month while prices dropped to over two-month lows.
Offers for US-origin bulk HMS 1&2 (80:20) are now being quoted at $570/t CFR levels. Prices have been corrected by $30/t w-o-w.
Vietnam’s billet export offers down: Vietnam’s BF-route billet export offers stood at $710/t FOB, down $20/t w-o-w. Weaker market sentiments continue to weigh down offers. However, no deals were heard concluded this week even at comparatively lower offers.
Prevailing Labour Day holidays kept markets quiet in the beginning of the week, highlighted sources.
Thailand market quiet on holidays: The imported scrap market in Thailand witnessed a further price correction as there was limited demand from end-users on account of holidays. The offers for Central America-origin HMS 1&2 (70:30) were reported at around $525/t CFR levels last week, down by $5/t w-o-w.
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